北方国际：利润率延续改善，电站效益阶段承压

Investment Rating - The investment rating for the company is "Buy" [2][4][6] Core Insights - The company's revenue growth in the first half of 2024 was stable on a high base, with a slight increase of 0.1% year-on-year, while net profit faced pressure mainly due to a significant decrease in foreign exchange gains [2][6] - The engineering contracting business showed resilience, and the profitability of operating projects, particularly power plants, faced challenges [2][6] - The company continues to deepen its involvement in countries along the "Belt and Road" initiative, benefiting from the ongoing projects [2][6] - Integrated project operations are stable, supporting the company's transformation prospects, with ongoing projects in Bangladesh, Congo, and Mongolia expected to contribute additional revenue [2][6] Financial Performance Summary - In H1 2024, the company reported revenue of 10.41 billion yuan, with a year-on-year increase of 0.1%, and a net profit of 540 million yuan, up 7.4% year-on-year [6] - The Q2 2024 revenue was 5.40 billion yuan, down 3.7% year-on-year, with a net profit of 280 million yuan, down 10.7% year-on-year [6] - The comprehensive gross margin improved slightly to 10.1%, up 0.8 percentage points year-on-year, while the net profit margin for H1 2024 was 5.2%, an increase of 0.3 percentage points year-on-year [6][7] - The company expects revenue growth of 11% for the years 2024 to 2026, with net profit projected to grow at a similar rate [6][7]